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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Autumn Statement 2016 - November 23, 2016
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For weeks now, senior figures from the world of business have been at pains to point out just how important this year’s Autumn Statement will be. The new Chancellor, Philip Hammond, stepped up to the despatch box to give his most significant speech since he took charge of the Treasury during the summer. If his … Continue reading Autumn Statement 2016


Don’t miss the self-assessment deadline - November 8, 2016
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With only a few months left to ensure that their tax returns are completed correctly and filed on time, businesses and individuals are being encouraged to seek help. Those required or who have elected to complete a self-assessment tax return must prepare their annual records before the end of the fiscal year. Whilst the paper … Continue reading Don’t miss the self-assessment deadline


HMRC to roll out real time PAYE coding adjustments by 2017 - November 8, 2016
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HM Revenue & Customs (HMRC) has released a list of priorities to allow for real time adjustments to taxpayer’s tax codes so that they pay the right amount of tax within the current tax year, as part of their ongoing Making Tax Digital (MTD) campaign. The plans, which HMRC intends to implement in the 2017-18 … Continue reading HMRC to roll out real time PAYE coding adjustments by 2017


UK tax gap falls to record low as HMRC targets serial offenders - November 8, 2016
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Official statistics have shown that the UK tax gap fell to its lowest-ever level of 6.5 per cent in 2014/15, as HM Revenue & Customs (HMRC) intensifies its crackdown on tax avoidance, evasion and non-compliance. HMRC has made significant progress in reducing the tax gap – the difference between the amount of tax due and … Continue reading UK tax gap falls to record low as HMRC targets serial offenders


The clock is ticking away on BPRA (Business Premises Renovation Allowance) - November 8, 2016
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The ten year window during which 100 per cent relief can be claimed under the BPRA on the renovation or conversion of unused commercial property for business use is drawing to a close on 31 March 2017. The allowance, which has attracted controversy in the past after being exploited illegally by a number of tax … Continue reading The clock is ticking away on BPRA (Business Premises Renovation Allowance)


Chancellor urged to reform tax policymaking - November 8, 2016
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A trio of influential organisations has urged the Chancellor to implement a series of reforms to the tax policymaking process. The Chartered Institute of Taxation (CIOT), Institute for Fiscal Studies (IFS) and The Institute for Government (IfG) jointly called on the Chancellor to make five key changes to the process: Publicly state the guiding principles … Continue reading Chancellor urged to reform tax policymaking


Will the new Chancellor make changes to IHT in his first Autumn Statement? - October 25, 2016
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With the announcement that new Chancellor, Philip Hammond, will announce his first Autumn Statement on 23rd November, all eyes will undoubtedly be on him to discover what changes, if any, he will bring to the Treasury. Will he focus all his efforts on economic plans for the country post-Brexit, or will he also make changes … Continue reading Will the new Chancellor make changes to IHT in his first Autumn Statement?


New Worldwide Disclosure Facility launched by HM Revenue & Customs - October 25, 2016
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HM Revenue & Customs (HMRC) has announced the creation of a new Worldwide Disclosure Facility (WDF) that will allow people to ensure their affairs are correct before the Common Reporting Standard (CRS) comes into force on in October 2018. The WDF is available to all UK and non-UK resident businesses, organisations and individuals that have … Continue reading New Worldwide Disclosure Facility launched by HM Revenue & Customs


HMRC warning on Entrepreneurs’ Relief tax avoidance scheme - October 25, 2016
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New guidance has been issued by HM Revenue & Customs (HMRC) about a recently discovered capital gains tax (CGT) avoidance scheme, as the Revenue continues to try and prevent taxpayers from exploiting loopholes in the tax regime. HMRC has identified a scheme that attempts to exploit Entrepreneurs’ Relief by turning income into a capital gain, … Continue reading HMRC warning on Entrepreneurs’ Relief tax avoidance scheme


Rapid increase in number of HMRC raids - October 25, 2016
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Research has found a 28 per cent increase in premises raids by HM Revenue & Customs (HMRC) over the last year and a 53 per cent increase over the last five years. Last year, HMRC carried out 761 property searches, compared with 593 the previous year and 499 five years ago. The increase comes against … Continue reading Rapid increase in number of HMRC raids


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